Politicians of all party affiliations love for us to think that they’re always looking out for the lower and middle class by trying to improve our financial standing.
They love to call us “taxpayers” but more than anything when they’re trying to say nice things that they hope will get them re-elected, they refer to us as “hard-working folks.” And they love to say that they want to put “more money in the pockets” of us “hard-working folks.”
Sorry, but a one-time payment of a piddly sum during a virus pandemic that is going to shake this nation’s economy to its foundations is simply not going to cut it.
OK, calling it “piddly” is probably a bit much. It’s piddly - mere pennies and chump change - if you’re rich, but if you occupy the lower and middle-class income brackets, getting $1,200 as an individual or $2,400 as a married couple, in addition to $500 for each of your dependent kids, is a significant amount of money.
Trouble is, it’s going to evaporate. Disappear. Poof!
And then what? While the governments of other industrialized nations - but not the “richest nation on the planet” like the United States - are committing ongoing payments to their people to help ride out the pandemic, our U.S. Senate is on break. After passing the pandemic stimulus bill in late March, Senate Majority Leader Mitch McConnell adjourned his chamber until April 20, and everyone left Washington, D.C.
Yes, there will likely be more to come, in the form of additional stimulus bills. Hard-working folks will probably get another pittance or two, while the really big money will continue to go to massive corporations who have been making mountains of cash for the past decade but, instead of building up reserves, used the money to give millions more to their executives and billions more to their shareholders. Because of that, after a couple months of hard times, they say they’re going belly-up and need billions in government cash to survive.
Then there’s the fear that the “stimulus checks” come with strings attached, in the form of future tax penalties and the like. Hard-working folks who probably learned a long time ago that there’s no such thing as a free lunch are getting pretty worked up by a lot of the misinformation out there, especially on social media.
Forbes has a great article that will hopefully ease some of your anxiety. It’s a complicated scenario, yes, but it does not appear that the government is putting more money in one of your pockets, while taking money from another.
Give it a read here: https://www.forbes.com/sites/advisor/2020/04/06/dont-worry-the-1200-stimulus-payment-wont-cut-into-your-tax-refund-next-april/#6f3d24ea5ea8
Be well, everyone. Hang in there as best you can.